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Here's why you're not paying off your mortgage

22.01.19

Revolving credit:

This takes some willpower but it delivers results. Portion off a part of your mortgage and set it as a revolving credit facility (debt you can drawn down from when you want to). This could be $50,000 or $100,000. Then, when you are paid your wages, have your income go into that revolving credit account to offset the amount owing.

Put your living expenses on your credit card, and pay off the amount owing on the card each time it falls due. Try to build up the amount left in your revolving credit account as you go, then when it's paid off, close it and open another.

Reducing loan:

A reducing loan does what it says on the label – you pay the same amount of the initial borrowing back each month, but the interest portion reduces as the amount owing does.

AMP kills SMSF mortgages, slaps investors

22.01.19

A second major lender has decided to remove SMSFlending from its services.

Commonwealth Bank of Australia (CBA) has said it is “streamlining” its product offering and as such will no longer offer the ability for self-managed super fund (SMSF) trusts purchase investment property with their fund.

In July, Westpac announced it would be removing its SMSF product. CBA also announced it would be removing low-doc loan products.

CBA’s SuperGear product currently available will cease at close of business on 12 October. New applications and refinancing applications will not be accepted after this date.

Any approvals before 12 October have the condition they must be settled and approved by 28 December 2018.

A CBA spokesperson said in a statement, “As part of our strategy to become a simpler, better bank, we are streamlining our product portfolio and have made the decision to discontinue our ‘SuperGear’ lending product which enabled investment in residential and commercial property through self-managed super funds.